Discount branded goods retailer TK Maxx is set to take over Next’s shop on Long Acre, WC2 .
TK Maxx is in discussions to buy Next’s lease on the 20,000 sq ft store, which has around 12 years unexpired. The block is owned by a private investor Linfield Capital.
However, local landlords are likely to be disappointed if a deal is concluded. Firms in Covent Garden, including Capital & Counties and Shaftesbury, have asset management strategies in place to bolster aspirational brands and retailer debuts – in contrast with the TK Maxx brand.
The proposed letting echoes discussions TK Maxx had to take a store at Piccadilly Circus in 2009. It was vetoed by the Crown Estate because it didn’t fit with its strategy of taking the area upmarket.
Kitchen La Frenais Morgan acted for TK Maxx; CBRE advises Next; Nash Bond represents the landlord.
